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Sharjah / WAM
The Sharjah Finance Department has won the ‘Best in Class Treasury Solution in the Middle East’ award by the Adam Smith Awards 2018 for the outstanding achievement in reducing processing times and savings in operational cost.
Waleed Al Sayegh, General Director of Sharjah’s Central Finance Department, received the prestigious award at the Sharjah Central Finance Department from Sean De Silva, the project Manager.
Al Sayegh, commented, “We are delighted to receive this international accolade for our state-of-the-art treasury services. Sharjah Finance Department has taken huge steps forward to embrace technology in automating its treasury operations.”
Al Sayegh added, “We’ve devised a solution using the UAE Direct Debit System in agreement with UAE Central Bank. Therefore, processing times are significantly reduced from days to seconds and Sharjah Finance Department has made significant operational cost savings which have more than offset implementation costs.”
“Around 70 per cent of the transactions are now processed electronically and the department has gained full visibility over its cash and financial transactions. The scalable solution means that it can be rolled out across all of the government entities to further streamline,” he concluded.